Life Insurance Corporation of India (LIC) on Friday got its first female managing director and another new MD.
The government has appointed Usha Sangwan, executive director of corporate communication and V K Sharma, MD & CEO of LIC Housing Finance as the two new MDs.
With these two appointments, LIC iMs set to function at its full strength of four Woman managing directors (MDs) after almost two years. This includes S B Mainak, Sharma, Sushobhan Sarkar and Sangwan as MD and S K Roy as LIC chairman. Finance ministry sources said the two new MDs have been appointed till they retire from the corporation.
The government is set to name 54-year-old Sangwan as a managing director at the country’s largest financial institution. She is currently executive director, communications. Along with Sushobhan Sarkar and SB Mainak, Sanwan will be one of the four MDs at LIC. VK Sharma, chief of LIC Housing Finance, has also been shortlisted for the MD’s post.
Another senior female executive director, Sunita Sharma, is being considered for the top position at the housing finance subsidiary LIC Housing Finance once VK Sharma moves to the parent company. The country’s largest bank State Bank of India is also set to get Arundhati Bhattacharya as its first woman managing director in the history.
Sources said that Sangwan has been shortlisted for the fourth MD post. Her appointment has to be cleared by the Central Vigilance Commission after which it will be send to finance minister, cabinet secretariat and finally to the Prime Minister’s Office. This will be the first time LIC will have four MDs, paving way for the first woman at the helm of the country’s largest financial institution.
Sangwan joined LIC in 1981 as a direct recruit. She holds a master’s degree in Economics and a post-graduate diploma in human resource management. In LIC, she has worked in areas like housing finance, direct marketing and international operations.